House of the Day: 112 Butler Street
We posted some photos of the (at-the-time) newly constructed house at 112 Butler Street back in 2007 and they met with almost unanimous rave reviews in the comments section. Now the 3,150-square-foot two-family house is back on the market with a price tag of $2,250,000. That’s not cheap for this block of Butler, to be…
We posted some photos of the (at-the-time) newly constructed house at 112 Butler Street back in 2007 and they met with almost unanimous rave reviews in the comments section. Now the 3,150-square-foot two-family house is back on the market with a price tag of $2,250,000. That’s not cheap for this block of Butler, to be sure, but the rental does generate $3,000 a month, which takes some of the sting out of it.
112 Butler Street [Corcoran] GMAP P*Shark
“I love this house and I really like the architect and her many projects, check her out at tinamanis.com” (bianca)
More and better pictures at her site. Interesting too to see this — new construction — compared to the renovated houses.
I love this too. it is not like one of those dumpy historic brownstones at all but rather like a nice modern house on the mainland somewhere. OMG, it’s like a dream house in North Carolina!
“Too often, people look at past sales as an indication of current value.
What if the previous purchase was the worst buy of the decade? Maybe they overpaid 20%, who knows?”
Isn’t this the logic that leads to bubbles time and time again. Sure I’ll buy Qualcomm at $200/share. Maybe it’s underpriced by 20%. Sure I’ll pay a year’s salary for this tulip bulb. Maybe the last guy who bought it got a great deal!
This property was on the market for quite a long time before it sold to the current owners. Clearly the market had a good long time to determine how much this property should sell for. And then, at the peak of the market it sold for just under $2mm. So I will ask again, should it really command a 10% premium to peak market values?
I have been inside this house (considered buying it from the original owner, who I assume sold it to the current seller). It’s a gorgeous house, meticulously and thoughtfully designed. It’s truly innovative, but still warm and full of character. I came very close to making an offer, but truth be told the projects at the end of the block were just too much to swallow. Ultimately I think it’s a tougher sell to a family than it might be to a childless couple. Perhaps unfair and paranoid, but the location just felt menacing, particularly for a house that looks VERY different from every other house on that block (and sits VERY close to Hoyt—even a few parcels further west would have helped). But of course everything in real estate is a function of price. At under $2M, I think this house is a steal and someone should be able to get over that location issue. Right now I think it’s a little overpriced, but I’m still rooting for the sellers. Excellent Brooklyn modern architecture deserves attention and good ownership.
Too often, people look at past sales as an indication of current value.
What if the previous purchase was the worst buy of the decade? Maybe they overpaid 20%, who knows?
What if it was a gut-reno? I know this place wasn’t, but many people don’t take that into consideration.
What if it was the deal of the century? Say the ‘true’ value was 1.5 mil based on almost-exact comps, but they got a bargain at 1.1 mil. Does that mean they aren’t entitled to sell it 2 months later for 1.5 mil, simply because they paid 1.1? (I’m not really talking about this particular place now, just making a point.)
But wouldn’t 20%-30% off mean 1.5mm for this house? (At that price I might actually take a stab to be honest.) To go close to ask would suggest it is worth 10% more than what it sold for at the top of the market. I don’t see how that math adds up.
Beautiful clean modern architecture here. Really awesome house and the neighborhood is actually very nice. We suspect this would go for close to ask…unique house that seems to be well built. Could use bigger and better pictures though.
Hey BHO, as you probably know we’ve been bearish for a long time too but sorry dude we are simply not seeing what you are saying….20%-30% off yes but half off is…well a pipe dream! :))
“something else is going down here”
Hyperinflated houses not what they’re cracked up to be, especially after today’s “housing growth” thread. Many a rental-of-the-days are also for sale. Upside down or not, folks are eyeing stage left. [Single file line please. No pushing, no shoving.]
***Bid half off peak comps***
luving it! this place is very sexy and very fabulous! would love to see more (and better) photos too.